Nifty Closes Near Month-1 Low, Strong Support At 100SMA


5 DMA auction area of (11350 approx) and Nifty slipped down to make a low of 11210 approx. Towards the last hour of trading, Nifty closed near 11234, which is also the previous monthly low of the benchmark index. Going forward, Nifty is likely to find strong support around the 100 DMA (11000 approx)

Stocks Under The Scanner
In today’s trade Coal India shares rose 3.04%, while ONGC shares rose 2.81%. Bajaj Finserv shares dropped 3.33% in the course of the day’s trade.



The Outlook for 21st September 2018
Nifty Daily Chart Levels
In today’s trading, Nifty fell 120 points from the day’s high 11332 approx and witnessed relentless selling pressure around the 5 DMA auction area (11350 approx). The index opened around 11325 and traded below the 50 DMA (11320 approx) for the major part of the day. Going forward, if the index trades below 11195, the immediate downside target will be 11035 approx. However, if Nifty trades above 11370, it is likely to scale up to 11430 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around 11234 approx which is also the month-1 low. The index is likely to find stiff resistance around the 5 HEMA high (11295 approx). However if Nifty trades above the hourly mid-Bollinger band (11350 approx), the nearest upside target is around the 34 HMA (11390 approx). On the other hand if Nifty breaks and trades below the hourly lower-Bollinger band 11200 approx, it will scale down to 11035 approx. 





Nifty Large & Mid Cap Stocks




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Nifty witnessed relentless selling for the third day in a row and faced stiff resistance around the 50 DMA mark (11332 approx) today. A massive accumulation of sellers was witnessed around the 5 DMA auction area of (11350 approx) and Nifty slipped down to make a low of 11210 approx. Towards the last hour of trading, Nifty closed near 11234, which is also the previous monthly low of the benchmark index. Going forward, Nifty is likely to find strong support around the 100 DMA (11000 approx)

Stocks Under The Scanner
In today’s trade Coal India shares rose 3.04%, while ONGC shares rose 2.81%. Bajaj Finserv shares dropped 3.33% in the course of the day’s trade.



The Outlook for 21st September 2018
Nifty Daily Chart Levels
In today’s trading, Nifty fell 120 points from the day’s high 11332 approx and witnessed relentless selling pressure around the 5 DMA auction area (11350 approx). The index opened around 11325 and traded below the 50 DMA (11320 approx) for the major part of the day. Going forward, if the index trades below 11195, the immediate downside target will be 11035 approx. However, if Nifty trades above 11370, it is likely to scale up to 11430 approx.

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around 11234 approx which is also the month-1 low. The index is likely to find stiff resistance around the 5 HEMA high (11295 approx). However if Nifty trades above the hourly mid-Bollinger band (11350 approx), the nearest upside target is around the 34 HMA (11390 approx). On the other hand if Nifty breaks and trades below the hourly lower-Bollinger band 11200 approx, it will scale down to 11035 approx. 





Nifty Large & Mid Cap Stocks




 
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